Related Posts
How is the hike and bonus guys
What will be salary for 3yrs data scientist
Any cybersecurity professionals from Wells Fargo,how is the company in terms for career growth, WLB, benefits, compensation and job satisfaction. I have accepted an offer from WF as it deemed fit and a good switch from SOC to an engineering profile. Looking to know more on the Cybersecurity space in Wells Fargo.
Role : Infosec eng.
Hi guys :) Glad to join fishbowl and this community. Guys I have an offer of 14.41 ctc from a big 4 (11 is fixed).
Technology-Microsoft Dynamics 365(I am a functional consultant in SCM and HR; Relevant exp: 3 yrs & Total exp: 4 yrs).
My interviews in IBM are done and I am waiting for the salary discussion with HR.
What is the likely offer that I am going to get? Any idea? (My expectation is 16.5 lpa ctc). I will adjust my expectations as per replies here.
Any response is highly appreciated :)
More Posts
Conversation Starter
Additional Posts in Accounting
New to Fishbowl?
unlock all discussions on Fishbowl.
I’m at a B4, so maybe I don’t understand. But, why is not being in a partnership model a bad thing? The partnership model is antiquated and only really benefits the partners (which obviously was by design and the entire point). Versus, the corp model allows for more junior employees a chance to get better comp thru equity grants. Plus, partnerships take forever to make decisions because of needing so much input from all the various partners.
Happening at all B4. I was previously at KPMG and they’re pushing managing director roles, even in audit. When I was a staff I never heard of MDs within audit.
I’m a partner at a top 20 who is still in the partnership model (no PE money). I considered switching to a PE backed firm of similar size earlier in the year and I will say the comp was stronger at the PE backed firm. By a lot. The deferred comp didn’t really exist but there was an alternative that seemed fairly lucrative and let you get the “deferred” comp money out earlier in your career and you’d be able to invest that personally and get returns on it that could help with the lack of deferred comp. It wasn’t as lucrative as the deferred comp, but it was pretty darn good and enough for me to really consider a move at the partner level. I wouldn’t jump ship just yet, see what you can find out about your current firms new comp structure. It might be better than you’re thinking. With that said I did stay at my partnership model firm.
EY1 - it shows you’ve never been in the middle market by saying “it almost never happens” because it happens in the middle market often. BDOs entire growth strategy for the last 10 years has been poaching partners and directors from other firms and it worked very well. I’ve seen at least 20 partners in my career at my firm either come in or leave at that level and my career isn’t even that long (7.5 years.) there’s a whole world of things that happen in the middle market the big 4 isn’t exposed to.
My biggest issue with the PE buyouts are that now a large portion of the excess earnings are going to outside investors in the PE fund, PE management team, etc. the pie just got cut in half and now the remaining slices are smaller and smaller. The expectation for more is higher than ever with less and less upside for that extra work.
I recently left because I just didn’t see value in working for equity partner when it may not happen or isn’t as impactful anymore. I watched the say that leadership in my group had dwindle and dwindle. When I explained to the partner why I was leaving they were adamant that I had that opportunity to make partner or MD, but I just didn’t see how it was as valuable as it once was. Maybe I was naive, but so far I’m ok with the change in career.
All in all - what would you do? I just don’t see how we can work our way up in these organizations anymore and receive any of the financial benefits of the success of the firm if Private Equity holds all the cards. I have received some phantom equity in the event that we sell again but it’s not like that is guaranteed to be payout worth staying for and my entire skill set is built around building a book of business providing tax services in the middle market. My opportunities in terms of employment goals have just shrunk dramatically and it’s not like the big 4 want anything to do with those that are home grown in the middle market. It just feels like a very gloomy path forward.
Yeah I guess you’re right. Taking what you said into account it really all comes down to doing the best with the hand you’re dealt and being practical about what your options are. Thank you for the advice.
I kind of have to get over the whole being a Partner at middle-market firm being a role that actually used to have some respect throughout the industry. Now that PE owns the majority of the equity in these firms(cause they will buy more firms) it’s just a reality that they may still give the title of Partner(or change it to principle for everyone or make us all MDs) but it’s just a client service executive title and will have less autonomy as it did in the previous structure and we will be seen as more inferior professionally by the big 4 than ever before. (And likely by companies as well) Caring about that is just an ego thing though.
BDO put in a cap on salary growth for MDs, so it’s definitely not a positive for us salary wise. Looking to leave if possible. The industry sold out and everyone that could is running away with sacks of cash, leaving everyone else with the interest payments.
Rising Star
Exactly AM1
Explain
SM1 - not just Aprio. EisnerAmper,, Citrin Cooperman, Armanino, UHY LLP, BakerTilly, Cherry Baekert. BDO restructured to be an ESOP and did so with a leveraged buy out and borrowed the money from Apollo(PE) and will now be a C-Corp ESOP and operate like a PE owned company to make the interest payments. Marcum sold to CBIZ which is already a C-Corp public company. The whole industry is changing structure.
Yea it’s crazy to think that’s the case.
I thought alternative structure was because of audit regulations requiring a certain % of partners to be CPAs.
I know for a fact that I’m not wrong. It’s no longer a partnership. The Partners are employees of Aprio Advisory Group LLC which operates as a C-Corp.